Now Is A Great Time To Build Credit

Consumer credit card growth is on the rise, according to data released by Equifax in early July, and there is no time like the present to start using credit cards to build credit. A visit to your local friendly internet website that offers a wide selection of credit cards, like creditcardmenue.com or credit-land.com can assist any aspiring credit builder in choosing the right credit card, even possibly getting a credit card with 0 balance transfer promotion. In a press release, Michael Koukounas, Equifax senior vice president of client services, said: "Despite concerns of the economy relapsing, several current metrics indicate the credit cycle is stabilizing—even growing somewhat as consumer payment behavior improves." The Equifax study also shows consumers buckling down and handling their debt in a much more responsible manner as a result of the turbulent economy. In fact, figures reported by the Federal Reserve indicate a near-30% decrease in consumer loan delinquencies throughout the past two years. The Federal Reserve shows total outstanding credit card debt has been on the decline as well, dropping from $974 billion in August 2008 to $790 billion this past April. Equifax assigns a risk score to individuals in order to predict "the likelihood of a serious delinquency in the two years after scoring." (This is NOT the same thing as a F ICO credit score.) Ranging from 280 to 850 where higher scores indicate lower risk, the average Equifax Risk Score had reportedly risen to 695 in May. Consumers are being rewarded for their renewed diligence in paying down their debts by receiving more appealing offers from lending institutions. Card issuers recently gave the thumbs up to 1.8 million additional credit cards and consumer finance credit limits felt a little bump as they were increased by 1.5%. This is "a sign card lending competition is heating up," Equifax stated in a press release regarding the boost in new lines of credit. More credit cards being made available to fiscally savvy consumers and higher spending limits may in fact help the struggling economy by speeding up its recovery.